Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

The Taoiseach has said that not only will the full €28 billion will be paid back in a sovereign bond but €1 billion of interest will be paid on top of that every single year. The payment will no longer be circular because the Central Bank will not hold the bond for a 40-year period. Bondholders will get the interest paid by the State. One could ask what all of that will mean. When one gets rid of all the spin, the €28 billion from the promissory note will be paid back in a sovereign bond and €34 billion of interest will be paid on top of that. Fair play to the lads. What they have done is turned a €28 billion promissory note – the cost of the toxic debt of Anglo Irish Bank – into a €64 billion sovereign liability to the State.

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